American National Group Inc. (NYSE:ANAT), a prominent life insurance company, has completed a significant public offering on January 10, 2025, involving the sale of 12 million depositary shares. Each share represents a 1/1,000th interest in the company's newly established 7.375% Series D Fixed-Rate Non-Cumulative Preferred Stock.
The offering, which was conducted under the company's existing Form S-3 registration statement, aims to gather funds to redeem the company's existing 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A, and associated depositary shares. The proceeds from the offering, combined with available cash, will facilitate this redemption, although this report does not serve as an official redemption notice.
Concurrent with the offering, American National Group entered into a deposit agreement with Computershare Inc. and Computershare Trust Company, N.A., serving as the depositary. This agreement outlines the terms for issuing depositary receipts for the Series D Preferred Stock.
Moreover, the company filed a certificate of amendment to its Certificate of Incorporation with the Delaware Secretary of State, which included the designation of the Series D Preferred Stock. This amendment became effective upon filing.
The establishment of the Series D Preferred Stock introduces certain restrictions on the company's ability to declare or pay dividends on, or acquire, shares of its common stock or any shares ranking junior or equal to the Series D Preferred Stock, should dividends on the Series D Preferred Stock not be paid for the preceding dividend period.
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